Common use of Valid Existence and Power Clause in Contracts

Valid Existence and Power. The Borrower and each subsidiary is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida and is duly qualified or licensed to transact business in all places where the failure to be so qualified would have a material adverse effect on it. The Borrower and each other Entity which is a party to any Loan Document (other than the Bank) has the power to make and perform the Loan Documents executed by it and all such instruments will constitute the legal, valid and binding obligations of such Entity, enforceable in accordance with their respective terms, subject only to bankruptcy and similar laws affecting creditors' rights generally.

Valid Existence and Power. The Borrower and each subsidiary is a corporation duly organized, organized validly existing and in good standing under the laws of the State of Florida and is duly qualified or licensed to transact business in all places where the failure to be so qualified would have a material adverse effect on it. The Borrower and each other Entity which is a party to any Loan Document (other than the Bank) has the power to make and perform the Loan Documents executed by it and all such instruments will constitute the legal, valid and binding obligations of such Entity, enforceable in accordance with their respective terms, subject only to bankruptcy and similar laws affecting creditors' rights generally.